Bankruptcies on the rise
That’s what a recent BBC report is saying and it’s not looking good. There are going to be a lot of people in need of debt management in Edinburgh if this keeps up as the city has seen finance woes in recent months.
These numbers aren’t actually directly from the BBC, they’re from the Ministry of Justice and they’re showing that petitions for bankruptcy have risen 20% from the previous 3 months. That number standing at 16,389.
The number of petitions that were started by creditors also increased by 4% making that number stand at 4,302 – and the figures will continue to rise according projections by the Ministry.
Some Insolvency Practitioners have stated that there may be seasonal elements involved in this as well. There are many people out there asking, “should i do an IVA?” and that can’t be answered so easily. Choosing any debt solution takes time so if you’re thinking about bankruptcy or an IVA then you should make sure you’re happy with the choice before you go ahead.
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